December 5, 2022 (Toronto, Ontario) – A settlement hearing in the matter of Majid Hassanshahi (the “Respondent”) was held electronically by videoconference on December 2, 2022 in Vancouver, British Columbia before a three-member Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”).
The Hearing Panel accepted the settlement agreement dated September 12, 2022 (the “Settlement Agreement”), between Staff of the MFDA and the Respondent as a consequence of which the following sanctions were imposed on the Respondent:
- a fine in the amount of $10,000;
- costs in the amount of $5,000; and
- shall in the future comply with the policies and procedures of the Member and MFDA Rules 2.1.1 and 1.1.2 (as it relates to MFDA Rule 2.5.1).
In the Settlement Agreement, the Respondent admitted that:
- on or about February 18, 2020, he processed switches in the account of a client without obtaining the client’s authorization, contrary to the policies and procedures of the Member and MFDA Rules 2.1.1 and 1.1.2 (as it relates to MFDA Rule 2.5.1); and
- on or about February 18, 2020, he created false notes that purported to record trade instructions received from a client which he had not in fact received, contrary to MFDA Rule 2.1.1.
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent conducted business in the Squamish and Whistler, British Columbia areas.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 76,695 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA’s complaint and enforcement processes, as well as links to ‘Check an Advisor’ and other Investor Tools, visit the For Investors page on the MFDA website.